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Portland Real Estate Update By Rob Levy

Portland Real Estate Update July '14

Closed sales enjoyed a solid
month this June in the Portland
metro area! The 2,617 closings
showed a 4.2% increase over the
2,511 closings from last June. In
fact, this was the strongest June for 
closed sales in the region since 2007 
when there were 2,731! Pending
sales, at 2,965, rose 5.7% compared
to last June’s 2,804, but fell slightly
(-0.8%) compared to the 2,989
offers accepted just last month.
New listings (4,078) were 8.7%
stronger than June 2013 (3,751) but
fell 2.7% from May’s 4,192.
There are currently 7,250 active
residential listings in the Portland
metro area. Total market time fell
again in June to 59 days. Inventory
remained stable for the third
consecutive month, and sits at 2.8
months.
Portland Metro
Residential
Highlights
20142013Change
Year to Date Summary
Portland numbers are very
similar this year compared to last.
New listings (20,248) are up 4.4%
compared to the first half of 2013.
Pending sales (14,705) and closed
sales (12,518) are down 0.9%  and 
0.1% in the same comparison.
Average and Median Sale Prices
The average price the first half
of the year was $328,900, up 8.7%
from the same time frame in 2013
when the average was $302,700. In
the same comparison, the median
also rose 8.7% from $257,500 in the
first half of 2013 to $280,000 in the
same period of 2014.

Closed sales enjoyed a solid month this June in the Portland metro area! The 2,617 closings showed a 4.2% increase over the 2,511 closings from last June. In fact, this was the strongest June for closed sales in the region since 2007 when there were 2,731!  Pending sales, at 2,965, rose 5.7% compared to last June’s 2,804, but fell slightly (-0.8%) compared to the 2,989 offers accepted just last month.   New listings (4,078) were 8.7% stronger than June 2013 (3,751) but fell 2.7% from May’s 4,192.  There are currently 7,250 active residential listings in the Portland metro area. Total market time fell again in June to 59 days.  Inventory remained stable for the third consecutive month, and sits at 2.8 months.   New listings (20,248) are up 4.4% compared to the first half of 2013.  Pending sales (14,705) and closed sales (12,518) are down 0.9%  and 0.1% in the same comparison.  The average price the first half of the year was $328,900, up 8.7%from the same time frame in 2013 when the average was $302,700. In the same comparison, the median also rose 8.7% from $257,500 in the first half of 2013 to $280,000 in the same period of 2014. Information courtesy RMLS.

Our featured home of the month this month is in Forest Heights and is a very hard to find single level detached home!  Check it out at http://www.roblevy.com/Property/9042-NW-Murdock-St-Portland-Oregon

The Best Rent vs Buy Calculator

hd this last couple of month but I have had many folks as I leave it in as they are sharing the calculator with their children to show them why buy a home vs. renting one.    A realtor freind of mine shared this interactive rent vs. buy calculator with me from the New York Times.  Check it out (requires flash, so wont work on an iPad).  This clearly shows why anyone renting right now who has the ability to purchase given our lower prices and more importantly, our super low interest rates should purchase over the long run and for finanical security down the road.   Check it out at http://www.nytimes.com/interactive/business/buy-rent-calculator.html?_r=0

The Volt is Gone

Many of you know over the last three years I have written of my 2012 Chevy Volt electric car I leased.  Well, the lease ended and I returned the car to Chevy.  I loved that car!   I equated it to driving an electric drill, its all torque.  I considered leasing another one but the 2016 model will be completely different so decided to wait for now.  

I drove the car about 46,000 miles and averaged $19 a month in fuel bills, plus the electricity which was about 48 cents a night to charge it.. My total average mileage counting both electric and when the generator was running was 103mpg.  I did have a couple of hickups, but all in all I loved the car.  Here is a link to the 2016 model http://www.caranddriver.com/news/2016-chevrolet-volt-spy-photos-news  we will see what happens when this comes out and whatthe competition is.....